Altantulga is 41 years old and lives with his wife and three children in Arhangai province, Mongolia. He and his family live together in a 'ger', which is a traditional Mongolian nomadic housing tent. They have been living together in their home for 16 years. Currently, Altantulga operates a second-hand product business with his wife in his town. He sells a variety of used products including clothing and blankets to his many customers.
He started his business in 2004 with 400,000 tugrugs (~ 282 USD). After years of successful operations he has managed to increase his working capital to a level exceeding 1,200,000 tugrugs (~ 845 USD) today. With his business profit, he has been providing money toward his family expenses and his family's quality of life has been improving.
Altantulga is a very hard-working person and has many plans for the future. He says, “I would like to expand my business and to create my own workplace in the future.” He is requesting a 2,000,000 tugrug (~ 1407 USD) loan to purchase large amount of second-hand products at wholesale prices for his business.
This loan is being administered through XacBank, a Mongolian for-profit microfinance institution. XacBank is located in every province of Mongolia, reaching some of the most rural micro business clients. With this Kiva loan, there is an opportunity for the entrepreneur to get a savings account including 9% of the interest if they pay back the loan on time. This is a special savings account that XacBank has specifically prepared for the Kiva loan borrowers to promote savings habits.